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GBP/USD: Elliott waves (Nov. 18)

Weekly. The pair keeps forming the wave [c] of B. Most likely, the market will renew the last local maximum in this wave.

Chart 1. Weekly GBP/USD

Daily. Pound has probably completed the wave (IV), and now we are seeing the construction of a rising impulse wave (V). In this situation it is necessary to consider an alternative scenario, according to which the wave (IV) isn’t complete yet. In this case, we’ll see further complex corrective movement.

Chart 2. Daily GBP/USD

H4. Here’s the layout of the main scenario. According to it, in the near future GBP/USD will continue building then upward wave (V).

Chart. H4 GBP/USD

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